f you shop with debit or credit card, then this news is for you. Purchased a new car, bought a new home, or you have gone abroad to visit. Now, shopping with your debit or credit card will not be able to escape from the eyes of the income tax department. From Monday the Income-tax Department’s ‘Inter-Project Insight’ software has begun. Its special point is that it will also prepare a full report on every social network by monitoring online taxpayers.
This software will capture the hidden data of income or expenses after filing returns. So far, there was a facility to file returns online but the filing returns were done manually only or the detectives of income tax department used to do this work.
The new software will tell the disturbances by exploring data automatically in the shortest possible time. This software will prepare 90 percent of the data itself. An IT official said that the software has started functioning from April 1.
Such will be the spying work of the software
The new software from the income tax department will continue to do automatic surveillance of the bank account including the PAN number of the income taxpayers, mobile number, e-mail, ADHAAR, debit-credit card, shopping, foreign travel, and twitter, facebook.
After filing income tax returns, the department will get the details of the income or expenditure hidden in your data search on the computer screen. The software will alert when high-risk income and expenditure are detected.
Based on the data, the income tax department will be able to take action. On the source of income, monitoring of tax deduction sources (TDS) and income from the source of income (TCS), foreign accounts, NRI bank accounts, overseas payment or earnings will be monitored through new software.
If the expenditure is not shown then it will be considered as tax evasion
It will be difficult to avoid the income tax department’s new tax tracking system. Its purpose is to include every person in the correct account of his income. Information about expenditure on foreign travel, expensive trains, star hotels, and restaurants will be available directly to the income tax department through the new software.
The data of those who post pictures related to luxury lives on social media will also be displayed on the software. If such expenditure is not shown in income tax returns then the case will be considered as tax evasion. Read more posts…